Interest Equalisation Scheme eased to benefit Indian exporters

As per a circular issued by the RBI, IES facility will also be available to such beneficiaries for segments other than for which they have availed the benefits under PLI scheme. Earlier, IES facility was not available for beneficiaries who were availing the benefits under any PLI scheme. RBI said that banks should obtain a self-declaration under the IES from the exporters. The revised provisions will be deemed effective from October 1, 2021 while other provisions will be unchanged. 

Indian textile exporters will get some relief from the revised provisions. Industry sources told Fibre2Fashion, “Fewer export orders and higher cost of production due to costlier cotton are putting odds for the exporters. More exporters will be able to get interest rebate which can provide some financial cushion.” 

ALCHEMPro News Desk (KUL)